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Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

BONK Price Falls 10% After Coinbase Listing Drives 80% Rally

The Solana-based meme coin Bonk (BONK) saw its price fall over 10% after experiencing an 80% spike in value following a Coinbase listing. While the cryptocurrency community is focused on the upcoming “12 days of BONKmas” holiday event featuring an airdrop for BONK token holders, market volatility has returned.

BONK Price Struggles After Rally

BONK’s price currently sits at $0.00002014, down 3.46% over the past 24 hours. This represents a retreat from an all-time high of $0.000035 five days ago on December 15, with the token sliding over 42% since.

Potential Support and Resistance Levels

Looking at technical indicators: The immediate support for BONK is seen around $0.0000203. However, BONK remains “overheated” with a relative strength index (RSI) reading of 69.25. The moving average convergence divergence (MACD) is showing some bullish momentum still. On the upside, BONK could target $0.000027 (+35.75%). A downside break could see BONK slide to $0.000015, a drop of 24.58%. This points to a risk-reward ratio of 1.45 for BONK currently.

Alternative Investment – Bitcoin Cloud Mining

As an alternative investment opportunity, Bitcoin Minetrix – a Bitcoin cloud mining platform – has already raised $5.52 million in its ongoing presale with a 141% staking annual percentage yield. However, overall the Bitcoin mining landscape shows:

  • Bitcoin’s hashrate recently hit an all-time high of 456.6 Exahashes per second (chart)
  • Marathon Digital and Riot Platforms reported strong growth in Q3 reports
  • Two mining pools control over 55% of block rewards, indicating centralization (summary)
  • The mining difficulty is at an all-time high, making individual mining less profitable

Bitcoin Minetrix leverages the Ethereum blockchain for its cloud mining, aiming to benefit from Bitcoin’s upcoming halving event. The presale has a goal of $6 million with a token price of $0.0123.

This article is for informational purposes only and does not constitute investment advice. Investing in cryptocurrency and ICOs involves significant risk of loss.

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